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Buying Guide for Credit Card Machines
Introduction
Credit card machines have become an omnipresent and indispensable tool for almost every restaurant and retail business. Having one allows a business to open up a new channel of potential sales and revenues by enabling them to securely accept credit card payments.
Benefits
Although their cost is infinitesimal compared to other business expenses, the overall impact of having a credit card terminal working for your business can be a game-changer. There are multiple benefits to switching from outdated key-in terminals to the latest ones that use a swipe method. For instance, older machine versions are incapable of supporting debit card payments or the need for larger terminal infrastructure as your business grows.
Before we continue, there are several things one should be wary of:
- Credit card machines can only be used if the owner has a compatible merchant account.
- Numerous POS, points of sale, systems have credit card readers.
Regardless of your reason for buying a new credit card machine/s, the comprehensive guide below will help you choose the most suitable terminal for your business needs. Especially designed to accommodate a wide variety of business models, the latest credit card machines provide a fleet of connectivity and processing capabilities. Having said this, the most practical way to start your search is to look at different capabilities available.
Features
There are thousands of terminals manufactured and shipped per year, and majority of them share comparable basic functionality. There are a few basic credit card machine versions available today - traditional machines with or without printers, wireless credit card machines, and credit card processing software.
Traditional Credit Card Machines
This basic model has a built-in magnetic stripe card reader and a keypad for entering information like prices. In the center, you will find a compact display screen. A printer can either be integrated with the credit card terminal or bought as a standalone unit. When choosing between these two traditional options, keep in mind that it may be less complicated to manage a single piece of equipment than two.
Wireless Credit Card Machines
Wireless models can substantially benefit businesses that are challenged in terms of available space. For instance, taxi cabs, or seasonal food truck business with temporary locations need a reliable credit card machine without the physical restraints of wires and cables.
Credit Card Processing Software
If you conduct transactions exclusively via phone or online, a physical machine may not be necessary at all. Software-based applications can manage credit and debit card payments just as efficient and secure as hardware-based equipment can. If you are using modern merchant account services, they should have a software-based application you can use.
Additional Capabilities
Aside from being able to accept and process credit cards, you will probably also need a terminal that can handle debit card payments. Most terminals have this built-in feature, but to verify payments made via a debit card, you will also require a way for customers to input their PIN (personal identification number). This can be achieved either directly on the credit card machine or through a standalone keypad.
Another noteworthy feature you may want to have is AVS (address verification system). This adds another layer of security for card transactions. AVS compares the cardholder's identification card with the provided billing address on the credit card.
Printing Equipment
Along with your credit card machine, a printer will also be needed to issue receipts and signature slips. You have two options when buying a receipt printer - a built-in printer on your credit card machine or a standalone printer. Furthermore, you will have to choose between a Dot Matrix and a Thermal printer.
Dot matrix printers are the more economical option in the market, typically ranging between $200 to $400. The print rate, however, can be a bit slow at an average of around 1to 4 lines per second. Thermal printers, on the other hand, are a tad more expensive, ranging between $300 to $500. They are, however, faster and operate with minimal noise pollution.
Cost of a Credit Card Machine Setup
Credit card machines and printers are fairly inexpensive when you look at the advantages they bring to the table. However, the maintenance and operating costs of a merchant account will be a hefty business expense over time. The hardware is usually the bonus to attract business clients.
The basic credit card machine models will average at $200. Units that have built-in printers will be sold for anywhere between $200 to $600. The wireless units may be the most expensive among the line of processing machines due to their wireless connectivity features. Be prepared to shell out anywhere between $500 to $1000.
When choosing between whether to buy a credit card machine or lease it, it is often a smart move to buy it outright from the merchant account provider. A 4-year lease will cost more than $1,000 for a setup that would've cost you around $300 if you paid for it in full.
Where Should You Purchase It?
Your merchant account provider is probably the simplest and most convenient way to set up your terminals. They will configure everything for you based on what your business needs. Most merchant account providers also offer discounts on machine and installation costs since they realize that you will be doing business with them over the long-term.
Final Tips
- Maintain your credit card terminal. Crumbs and dust can damage your machine and printer. An easy way to clean them is with can of compressed air, which you can usually buy at stores for $2.
- Look for a local merchant account provider. Buying locally and in-person can give the buyer some user education and basic training for both management and staff. Local sellers will be more than pleased to give you a brief introduction to using the advanced functions of the machine.
- Automate any software updates. Over time, your current credit card machine will require some updating to keep up with relatively changing transaction methods and protocols. Make sure your terminals are configured to automatically update whenever there is a new version available.